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Republican presidential candidate Mitt Romney speaks during a campaign rally at the Henderson Pavilion Tuesday, Oct. 23, 2012.
By J. Patrick Coolican (contact) 
Wednesday, Oct. 24, 2012 | 2 a.m.
J. Patrick Coolican
Mitt Romney should have learned his lesson from President Barack Obama and not made any promises about unemployment.
During a visit to Henderson on Tuesday, Romney said, “How about four years where at the end we get Nevada unemployment down to 6 percent or lower?”
Republicans have been hammering Obama for years because his economists forecast that unemployment would peak nationally at 8 percent even though it eventually reached 10 percent.
The Obama administration badly underestimated the damage from the financial crisis and the housing crash. Historically, a financial crisis like the one we had in 2008 and 2009 leads to a deeper recession and a slower recovery because consumers, who make up 70 percent of our economy, are tapped out and paying down debt.
So now it’s Romney’s turn. Will he help Nevada get to 6 percent unemployment at the end of his first term?
“Nevada isn’t getting to 6 percent in 2016. It’s just not,” said UNLV economist Bill Robinson.
Anyone who has lived through the boom and bust here knows why.
As UNR economist Elliott Parker said, “We weren’t just the victim of a housing bubble, but we were actually a bubble economy.”
During the boom, we had twice as many construction workers as a percentage of our total workforce as the national average.
“We were set up to benefit more from the housing boom than most places, and as result, we were set to fall further,” Robinson said.
His ballpark estimate is that half our unemployment can be attributed to the depression in the construction sector.
Robinson notes that people moved here because there was a perception that there were plenty good-paying jobs. That migration, in turn, created demand for construction. But there was another factor: naked speculation. “There was no real basis for that construction employment,” Robinson said. “They were employed out of a speculative rush. People came to town and needed a house and bought four because they figured they could turn them.”
So, given that there no longer are plentiful jobs to draw people here, and given that the speculative rush is finished, construction demand will never return to what it was.
And without a construction boom, our unemployment rate will remain high, certainly above 6 percent. (Unless, as Parker said, the unemployed pick up and move. But out-migration is never a positive economic development — just ask Cleveland.) The only other way to get to 6 percent unemployment would be another housing bubble, and we’ll pass on that option.
“There’s nothing that’s going to pull those construction jobs back,” Robinson said. “The economy has to shift.”
Indeed it does.
Romney’s plan to reduce taxes and limit regulation would seem to be an attempt to get the economy going by improving the business climate.
As Parker points out, however, if low taxes and light regulation were really the key to rapid economic growth and low unemployment, Nevada would already be there. We have no corporate or individual income tax and relatively light regulation, especially compared with other states such as California.
I don’t blame Romney for not knowing anything about the local economy; local elected officials don’t seem to know much about it either. Really, we should thank Romney because he’s just reminded us once more that Nevada’s future won’t be decided by whomever occupies the White House.
It’s mostly in our hands and our hands alone.
You said it right Patrick, "It's mostly in our hands and our hands alone."
And these hands by many are filled with greed, immediate gratification, and impatience. So, based on this, there will be a significant amount of Republican voters in this election. For Nevada, even if the presidency and our state and local legislators are just political figureheads, the last thing we need is conservatives in positions of power that just aggravate an already bad situation.
Coll says "The Obama administration badly underestimated the damage from the financial crisis and the housing crash."
Just what was is they did not understand?
We know the recession was over in June 2009 before the Obama $1 trillion stimulus even started.
Could if be that wasting 1 1/2 years passing Obamacare which created further uncertainty
Could it be that Dodd-Frank stopped banks from making loans
Could it be the constant threats of raising taxes stopped people from hiring
Could it be the failed propping up the housing market delay the bottoming and recovery
I can say with absolute certainty to the columnist that if President Obama wins a second term, Nevada won't see unemployment at 6 percent by 2016. Not even close. I can say with certainty that if Governor Romney is elected president, Nevada might see unemployment at 6 percent by 2016. Possibly lower. In fact, look at 12 of the states of the 19 that have republican governors in the state houses. The majority have a lower unemployment rate than the national average. Not Nevada. Not yet. Romney gets elected and it will.
CarmineD
@CarmineD...
First of all, Romney isn't going to be elected.
Secondly,your post makes no sense.How long have we had Republican governors ?
I have known for decades that there is an economic problem brewing in Nevada. When all your eggs are in one basket (Casino industry), eventually that basket develops a hole......
Comment removed by moderator. - -
this is just political rhetoric, but i hardly feel nevada's economy is in our hands. i feel opposite to that. our economy relies on the nations economy, no tourists no jobs. i think obamas policies have been a boost to the economy short term, but long term obama's spending is devastating to the younger people of our nation. there are few people in politics who care about the future of our nation.
everyone is only worried about tomorrow morning, not the elections 12 years from now.
The US is past its prime. In the future its economy will be like Japan's is. Virtually no growth for almost 20 years.
This is what happens when all the money ends up in rich people's hands.
This is what happens when all the rest of the money ends up in rich corporate hands.
" I can say with certainty"
You should read the article. Most people running for office have learned you don't make promises like that, they can't be kept.
If you could say with certainty you would be one of the richest people in the world by now, bubble or no bubble.
The story here should be, "Obama Wrong About Unemployment Promises." Have you done that story yet, Patrick?
No, you haven't. You ignore this President's hideous job record and promises, and instead you attack Mitt Romney for what he projects will happen and you declare his predictions as false.
Damn, I wish this President were as transparent as the LV Sun.
Romney's plan to reduce taxes and limit regulation would seem to be an attempt to get the economy going by improving the business climate.
As Parker points out, however, if low taxes and light regulation were really the key to rapid economic growth and low unemployment, Nevada would already be there. We have no corporate or individual income tax and relatively light regulation, especially compared with other states such as California.
YOUR COMPARING OUR STATE TO CALIFORNIA THAT HAS BEEN IN DEMOCRATIC CONTROL FOR 30 YEARS. ROMNEY IS RIGHT SMALL BUSINESS AND LESS REGULATIONS MEANS MORE JOBS AND GROW. PEOPLE ARE FLEEING CALIFORNIA BECAUSE OF YEARS OF THE SAME MORE HIGH TAX'S AND REGULATIONS TO MAKE THE STATE MORE MONEY.
Scratch Yucca and 2000 jobs. Check.
Breaking news! Romney came to Las Vegas and he brought his Federal Income Tax Returns with him to show to the voters! He emphatically showed that.....
Oh.
Wait.
He didn't?
Oh.
Sorry.
I guess he came here to spew lies in Henderson for a few minutes, then he scampered over to the Venetian to shill money from his sugar daddy (Adelson), and to apologize for what he said about Israel during the debate.
Darn.
And here I thought he was starting to pay attention to Senator Reid.
How could Obama underestimate the damage from the housing crash? Weren't Fannie and Freddie one of his major campaign donors?
Some of the commenters might want to take a minute or two and re-read the article. If the readers who are, primarily, members of the Las Vegas clan of Obama and Reid haters and are having trouble with some of the big words, perhaps they can get a 4th grader to read and explain the article to them.
Breaking news! Obama came came out AFTER the debates and he brought his Jobs Plan with him to show to the voters! He emphatically showed that.....
Oh.
Wait.
He didn't?
Oh.
Sorry.
------
Obama produced his own October surprise. 14 days before the election Obama produced a 20 page "Blueprint for America's Future." it repackages the same policies of the last four years.
Have you read it? Each page is 3/4 filled with Pictures of Obama spending money.
There are pictures of Obama with a resume binder, posing with big bird, another Obama is riding a horse in military fatigues swinging a bayonet, and several under bright lights inside Solyendra.
How can Vegas unemployment go down when 12% of employees are illegals? And now add in 2 million more who want work permits?
Neither guy will have a dramatic impact on Nevada's unemployment rate.
Obama hasn't done anything and Romney is a slash and cut guy. This idea that small business will grow us out of our problems is a crock. Small business has been on a trend of eliminating their health insurance plans for workers. Small business has been on a trend of eliminating 401K matches. Small business has been on a trend asking for more work for less pay. The number one thing being said by small business owners to potential hires is "we can't offer health insurance".
Please. Save the "small business will grow us out of unemployment" schtick.
The key, as always is to create good paying, good benefit jobs. How that's accomplished is anyone's guess but neither one of these guys will make a dent.
8-10% unemployment is the new normal. (and likely higher as people just disappear from the rolls)
Spare me the Rick Perry "I'm creating jobs" BS when all that involves is "fries with your order"?
Nevada's economy will not, I repeat, will not get to six percent by 2016. The construction field is way over built. I know because I've been looking. I'm retired and my wife soon will be. I've been coming to LV for over forty years, and am looking at relocating here. The homes are dirt cheap, and the weather is easier on my Arthrius.
Now back to the economy. Gambling is the prime industry here. LV has lots of competition now. I live in SE Mich. I have 12 Casino's within 45 minutes of where I live, as does most of the country. I don't need to come here to gamble. So LV needs to re-invent itself. How, I don't have a clue. Romney though is not the answer. His idea's will put us into a recession in less than two years. This one will make Bush's recession look like childs play. His idea's have all been tried, and failed. Also, he has no backbone, if he can't stand up to POTUS, how is he going to stand up to Congress, China, Etc. The only job creation he will create will be in some other Country. Also, as someone stated, Nevada has been in Republican hands for how many years now? What's that gotten you?
"Nevada's future depends on residents taking matters into their own hands".......Since the 2006 campaign rhetoric coming from the Democrat Party, beat like a drum in the socialist media, that is exactly what Nevada residents done. Tens of thousands simply quit paying their bills and by the time hope and change arrived in 2008 that rhetoric nearly brought down the entire US economy. If what the Democrat Party has is so great Patrick, write about it!
We could see 6% unemployment if Texas, for example, changed its laws to that of Nevada. There would be a mass exodus of workers to the new casino's not in the desert.
Other than a naked power play like that, it will be a while, then the new influx of workers will move here and the cycle would start again.
We have the most powerfull democrat senator Harry Reid in Nevada, Nancy Pelosi in California and President Barrack Obama. It really saddens me to hear from many of you that our economy is much better four years ago and you are in a much better condition four years ago. Nevada has the highest uneployment rate and highest in foreclosure with California not too far behind and they are 8 billion in the hole. It is time to look at different avenue to get our economy to move up. Four more years of the same failed policy will not do it. The people who are voting for Obama are the people who wants to continue receiving social welfare without working for it. We need to get these people back at work so that they can live better. This country is becoming to be a socialist republic.
Romney's intention will be to keep unemployment high and people desperate for jobs. In this way, his corporate cronies can drive down wages in this country, increasing their profits at the expense of the people who work for them. This will turn our system into one just like "Communist" China, where there are some extremely wealthy people, and most of the rest are no better off than serfs.
Carmine D...would you care to make a small wager, say $10,000, on hitting 6% or lower?
This round of high unemployment is not just the cyclical stuff of economic downturn and recovery. Our economy has become subservient to the global economy, witness the very limited impact that stimulus spending had on overall employment. The United States produces more manufactured goods now than it did in 1979 with a far greater [adjusted for inflation] value with 40% fewer workers. Why? Primarily automation and more efficient utilization of human resources. More and more skills and knowledge can be outsourced. Lawyers outsource legal research and production of standardized paperwork to India. Insurance, medical, education, programming and entertainment are all heavily outsourced. In the meantime more than 3 million jobs requiring specialized skills go unfilled because most unemployed lack the skills and knowledge to compete for them. Are you certified to weld oil and gas pipe, aluminum, magnesium or underwater? You can start work tomorrow in North Dakota, Wyoming, Montana, Alberta, Saskatchewan, off the Gulf Coast or right here in dinkyville, Grand Coulee. Can you operate a CNC machine....Ohio, Indiana, Illinois. Can you fabricate, machine and construct airframes? Seattle. There is a major economic shift from brawn to brains and I am afraid, speaking as a teacher and [past] employer, that a significant number of folks in this country, young, middle-aged and old, lack the knowledge, skill and ambition to compete.
Ok, I just checked and currently the unemployment rate for Nevada is listed at 11.8%. So Romney and his supporters are saying the unemployment rate will be cut in half under a Romney administration. Highly doubtful because if Romney wins and the Republicans gain control of the Senate, the first thing they will do is slash the Federal budget and there will be large layoffs of Federal, State, and local government employees and of contractor employees to those same entities. So not only will Romney's 5 point plan have to create new jobs, it will have to create even more jobs to replace all the consumer spending lost with the loss of government employee jobs. I guess Romney's economic plan is like his tax plan where he can cut everyone's taxes and increase defense spending but not raise the deficit.
Six Percent Unemployment? and He Might as well promise Two Dollar A Gallon Gasoline (Newt), The Release of His Tax Returns, That he will not Privatize Social Security and Medicare, DUMP Medicaid on the states and the Average Household Income will be 250K per year.
If Anyone TRUSTS HIM I have a Bridge to sell you. The Problem is Local more Than National. Las Vegas has the Least Educated Population of ANY major City in the U.S. in a National Economy increasingly Reliant on an Educated Workforce for well paying jobs. Other than a Low End Manufacturer, Warehouse, Call Center and Service Jobs - what can you do for this Population to provide jobs?
The FIRST LOCAL Politician to solves this riddle will have a Stature erected for them.
Lest we forget as to who said "Don't blow your bucks in Vegas"
I'm confident Romney can lower the national average significantly, but it is really up to NV pols to come up with state & local policies that would encourage diversification & technical training if we want the state average to come down by much. If the national economy improves, the gaming industry will perk up, but construction is and will remain moribund for a long time. Maybe Sandoval needs to become a little more predatory vis-s-vis CA? They're driving away small business & entrepeneurs by the busload -- we need to attack that market more aggressively.
"The people who are voting for Obama are the people who wants to continue receiving social welfare without working for it."
--------
@japadayo
The dumbest statement I've seen this year.
"We have no corporate or individual income tax and relatively light regulation, especially compared with other states such as California."
Spoken like a true bureaucrat who has probably never owned a business or created a single job in his life. Why are these bureaucrats considered "experts"?
Try listening to Steve Wynn and Sheldon Adleson, people who actually do create jobs.
You never know. For certain if Obama is reelected the employment rate will go up. Worse than now. With Romney there's a chance it will get better. Romney has the experience that Obama lacks. Vote Romney and we will see a better America. Obama had 4 years to do some good but only shoved the health care down our throats. Bye Obama, hello Romney!!!!!
Obama outsourcing jobs as we speak.
"The Supreme Court decision in June upholding the Affordable Care Act leaves in place a tax on medical devices that threatens thousands of American jobs and our global competitiveness. It will also stifle critical medical innovation in the industry that gave us defibrillators, pacemakers, artificial joints, stents, chemotherapy delivery systems and almost every device we depend on to save lives."
http://online.wsj.com/article/SB10000872...
Bankrupting coal will create jobs too. LOL!
Coolican must be a lib.
Then there is Obama's Employment Prevention Agency (EPA):
In far too many other cases, EPA has been allowed to regulate as it sees fit. A key pretext is the 1970 Clean Air Act, as amended by Congress in 1977 and 1990. The act deals primarily with six common pollutants: sulfur dioxide, nitrous oxides, particulates (soot), ozone, lead and carbon monoxide. It never mentions carbon dioxide, the plant-fertilizing gas essential for all life.
As EPA itself acknowledges, those six "criteria" air pollutants declined by an average of 63 percent between 1970 and 2010. They will continue to do so under existing regulations and technologies. Moreover, those dramatic reductions occurred even as coal-based electricity generation increased 180 percent, overall U.S. energy consumption rose 40 percent, miles traveled soared 168 percent and the nation's population increased by 110 million. Regardless, EPA intends to go much further to advance its radical agenda.
http://www.washingtontimes.com/news/2012...
Coolican, you think it is bad now, let Obama win. Those of us who won small and middle size businesses will start layoffs wholesale.
"Carmine D...would you care to make a small wager, say $10,000, on hitting 6% or lower?"
How about $100,000? I like bigger wages.
CarmineD
Carmine, your comment makes no sense. We ARE one of your aformentioned 19 states with a Republican Governor so if this is, as you make it seem, a local problem, why has it yet to be fixed?
I don't know. If Romney is able to pull off a huge increase in oil drilling within America the economy will have huge alterations. More money will stay in America, jobs will be created and gas prices should go down (which will also decrease the prices of everything else). Nevada's economy is a tough one but he could help the rest of the states so much that they will start bringing more money to spend in Nevada.
If Romney is elected we can get 6% unemployment by building the world's largest coffin factory. They will be needed for all the wars Romney will start and all the people who will die because their medical benefits are cut off.
Caribou Barbie wouldn't be relevant if she hadn't been right. She was right about Washington and Wall Street cronyism, oil and gas drilling and where Obama, Reid And Pelosi would take America. Look at a few things they have achieved in the last six years, second worst economy in American history, the first AMERICAN credit down grade, anther fifteen million on food stamps, 40% loss in personal wealth for each and every AMERICAN,in ten weeks AMERICANS will get one of the largest tax increases in history, solar panels and what do the juveniles in the media report to the unwashed masses? Pure conjecture absent of reality and fear mongering.
Low taxes do not get companies to NV. If that was the case companies would leave CA and NY enmass. Sadly, Vegas just doesn't have the quality of life that those states have.
It's proven that citizens are willing to pay more taxes if it means everyone benefits. I can see the results of a high tax rate- better schools, more cultural institutions, better transportation and better quality of life. The only ones who benefit with lower taxes are the businesses. We'd like to think citizens benefit, but companies are still paying minimum wage with no benefits and employees still don't receive the benefit of a higher taxed states.
Anyone who has moved here knows these are the facts.
newnvres..always remember, Rombey is not a simple political fibber, he is a boldface liar who will say ANYTHING to get elected. Its as much a part of him as his DNA. Remember, in Massachusetts they had one term of him as governor. His support was so low at the end of his tenure that he chose not to run rather than decimate his political carrer with the trouncing that would have happened. Also, he left the state with a $1 billion debt. Romney is a flim flam man and a spokesmodel for the Koch brothers and Wall Street and will do everything possible to advance the cuse of the richest 1%, at the expense of the middle and lower classes.
Sure Winn and Adelson just created a huge number of new casino jobs overseas! Lets listen to these dim bulbs for employing people in Las Vegas!
Hmmmm...Believe Patrick Coolican and a UNLV Economist- or a guy who has spent his entire life turning around broken businesses and governments? Maybe we won't get all the way down to 6%, but my money's going with Romney in improving the Nevada Economy.
"Carmine, your comment makes no sense. We ARE one of your aformentioned 19 states with a Republican Governor so if this is, as you make it seem, a local problem, why has it yet to be fixed?"
Reread my post.
CarmineD
Donald Dump Trump will give you a job researching the origins of his hairline, that is the BIG story today $5 million for Obama's college records.
Hey, it's over, the country has seen through the lies and the incompetence and now coming to the conclusion that Obama deceived the country and its people, it's now time to elect someone who will lead not follow. "Reuters: White House told of militant claim two hours after Libya attack, emails show" http://today.msnbc.msn.com/id/49528284/n...
@newnvres...the key to providing jobs for ALL of Nevada (not just Southern) is green energy initiatives. Out State gets more sun and wind than almost any other and we're incredibly unpopulated. Recruiting green energy companies to come here and benefit from our low barriers to business entry and no state income tax has the potential to turn Nevada into a new silicon valley.
The facts about Barack Obama's record are simply indisputable -- and disastrous!
--23 Million Unemployed or Underemployed
--47 Million on Food Stamps
--5.5 Million Homes in Crisis/Foreclosure
--$4500 Drop in Household Income
--$5.5 Trillion of New Debt
--$716 Billion in Medicare Cuts
--$2.6 Trillion for Obamacare
--$1.9 Trillion in New Taxes in Obama's Budget
--100% Increase in Gas Prices
"Four more years of this?
"You've got to be kidding!"
HEY OBAMA, BUSH DIDN'T BUILD THIS, YOU DID!!!
Mred Maybe you should check on the history of America, you would have a better understanding of who start wars.
1. Democrat got America in the Vietnam War. Democrat President John Kennedy sent money and advisors to South Vietnam. Democrat president Lyndon Johnson sent American troops into Vietnam. Million people died in the Vietnam War. 58,000 Americans died in Vietnam, and another 350,000 were injured
2. Democrats got America involved in the Korean War. It was Democrat president Harry Truman that sent Americans to fight in the Korean War. 33,000 Americans were killed in that war
Democrats dropped 2 atomic bombs on Japan. It was Democrat president Harry Truman that dropped the atomic bomb on innocent women and children in Japan, killing over 200,000 innocent civilians.
3. Democrats got America involved in World War 1. It was Democrat President Woodrow Wilson that got America involved in World War 1. 37 million people died in that war 117,000 Americans were killed in that war
4. Democrats got America involved in World War 2. It was Democrat President Franklin Roosevelt that got America involved in World War 2. 70 million people died in that war. 406,000 Americans died in that war.
The Obama Administration has tried to paint Mitt Romney and Bain Capital as evil greedy capitalists. Over the years, Obama had no problem taking $120,000 in campaign money from these evil greedy capitalists and their employees (Source: ABC News).
What the Administration won't tell you is Bain Capital created hundreds-of-thousands of U.S. jobs. WAIT -- who created all those jobs? A private company -- not affiliated or bailed out by the U.S. government.
In fact, we all probably have been to, ate at, or bought something from one or more Bain companies.
According to Wikipedia, Bain invested or owns companies such as:
1. AMC Entertainment
2. Aspen Education Group
3. Brookstone
4. Burger King
5. Burlington Coat Factory
6. Clear Channel Communications
7. Domino's Pizza
8. DoubleClick
9. Dunkin' Donuts
10. D&M Holdings
11. Guitar Center
12. Hospital Corporation of America (HCA)
13. Sealy
14. The Sports Authority
15. Staples
16. Toys "R" Us
17. Warner Music Group and
18. The Weather Channel
Bain -- not the government -- created incomes for all the people working at these companies. Sure, management and founders who did most of the earlier work, risked their own money and time with no guarantees of success got well paid because they produced massive success.
Bain's founders or employees weren't paid because 'someone else' built their business, and that they should be entitled to their "fair share" of another person's labor (Obama's claim -- video). They built their business. Those involved were rewarded. Bain went from $0.00 to $66 Billion in assets. I'll take that over a government program, wouldn't you? Let's look now at how government runs a business.
http://www.netadvisor.org/2012/09/07/bai...
For goodness sake, let's not try to be optimistic, let's not even THINK we can do better than this clown who has 'ruled' our country for the past 4 years. Yeah, this one issue is enough to call Romnay a jerk. Forget the fact that the Obamarama White House continues to lie to the American people, is incompetent, cannot control spending, and is trying to transform our country into a third world country. You lefties really need to take a hard look at the big picture.
News flash from Donald Trump, the guy with the pet squirrel.
Release your passport and college records Obama and I'll give $5 million to charity. Prove to your base you have drained the swamp and have become the most transparent President in history.
Offer another $5 million to Romney and Alzheimer Harry to release their taxes records. It's a win win deal for Americans.
Patrick, this is possibly the worst article you have ever penned.
Bchap, You must have taken Patrick's writing school lesson to heart.
IN THE TANK !!
--The Bush tax cuts are the largest portion of our deficit
Let me see, after reading all of the comments I think I can file them into two categories.
1. Liberals - What you have is the new normal, isn't our fault, and give us more money and we will fix it.
2. Conservatives - We can make it better, it's all Obama's fault, and you can keep your money and we will fix it.
Not sure if it's been mentioned by another poster, but it certainly wasn't in the article.
The economists quoted in the story assume that the population will remain the same, with high levels of construction workers. If something is done about this housing crisis (i.e. - principal reductions), then I think a lot of the unemployed construction workers (and others) will move to where the jobs are. As it is, they're stuck here, in a house that's underwater.
That said, 6% is pretty aggressive for 4 years. I guess we went from 4.9% to 11.8% from 2007 to 2012, so I suppose it's possible to do the same in reverse. I just don't see any prospects for major innovation/growth that could help our economy that much. I think that it would depend on modest recovery in tourism (I don't think we can expect much more), a huge exodus of unemployed workers, and modest growth in new industries.
Sure Winn and Adelson just created a huge number of new casino jobs overseas! Lets listen to these dim bulbs for employing people in Las Vegas!
Wynn and Adelson have created morew jobs in this state than this administration ever will. Oh Wynn is spelled with a "Y". Show respect for a job creator.
Patrick Coolican:
"I don't blame Romney for not knowing anything about the local economy; local elected officials don't seem to know much about it either."
It seems from this article that neither do you or the esteemed UNLV professor.
Generally, a basic lesson in logic is due: what really is important for the readers is whether Nevada can get out of the 11.8% unemployment and current economic morass, on a positive trend and not whether the number will be 6% sharp in four years; the whole premise of the article is a straw man...
ImproveLV said: The economists quoted in the story assume that the population will remain the same, with high levels of construction workers. If something is done about this housing crisis (i.e. - principal reductions), then I think a lot of the unemployed construction workers (and others) will move to where the jobs are. As it is, they're stuck here, in a house that's underwater.
There is a method of reducing a mortgage for an unemployed construction worker - it is called foreclosure. Since it is thought that all banks are crooks and take homes away from people who pay their mortgage, government said we will protect that homeowner (even though there isn't any proof that banks have been going after those who are current on their mortgage).
So we have the bank who can't move a deadbeat out because someone is living in a house they are not paying for and can't afford and the homeowner gets a free ride and hopes that he can find a job someday instead of moving on. Why do you think that banks are selling to cash investors and reducing the number of home loans they make?
Donald, don't you think there's a group of homeowners that want to move, but don't want a foreclosure on their credit history. I know there are at least a few that I know of.
And I think the market would allow for these principal write-downs if a good portion of loans weren't guarantied. If those guaranties didn't exist, it would make sense for the banks to negotiate the principal down, otherwise they'd just spend money on the foreclosure and end up selling the home for the current market value. If they reduced the principal with the current homeowner, set something up where they still get all of the gain (if any) made on the sale of a home (to a point), then the market would correct itself. BUT...that would require the banks to reduce the value of their loan portfolio, and God forbid people see that their balance sheets are overstated.
I think Coolican is a plant. He has to be because nobody could be that ignorant of current events.
I don't see any mention of the tourism industry. Our economy will do better when other states do better. We are dependent in that way.
I don't see construction coming back as it had but those people have already left and gone where there is business. I talked to a construction company owner and he was moving out of town because his business was doing better up north and in North Dakota. I was onsite during the CityCenter build and a lot of those workers weren't planning on staying in Vegas, they were just here for the project.
I agree, I don't see Nevada's unemployment rate being 6% by 2016 but I do see Nevada's unemployment rate going up when Obama is reelected. Obama theory makes no sense. You do not use taxpayers money to create jobs, and Obama's plan include to reduce the deficit $4 trillion. Its going to take corporations to create jobs in this state, and the people in Carson City should be doing a better job attracting companies to do business in this state. Nevada has a reliable work force, tax incentives that beats California hands down, and the land and resources to accommodate any kind of business.
Spending more, borrowing more, shipping more of our wealth overseas via wars, bases in Europe, economic aide, military aide, prescription / medical aide for all of Africa is going to help the economy recover? Devaluing the dollar, again and again, so our trade deficit increases is going to help? Discouraging savings and investment while encouraging spendthrift spending of individuals (via the tax code) is going to help? Following California's Pied Piper (adopting illegals and paying for everything they could want) is going to help?
He will get elected.
If Mitt Romney laid out what he was going to do, specifically how he would solve problems, I might vote for him. But he hasn't. Why?
Further, I know someone that met with Romney personally a few weeks ago to talk housing policy. Romney and his team weren't particularly educated about the issues at hand. Housing is a major part of our economic woes, which make that very troubling.
Romney hasn't said what he wants to do, and honestly might not even know what to do. So yeah, Coolican's statement about Romney not being well schooled on what's going on is (unfortunately) on point.
Let's just hope the RNC purges the idiocracy from its core in time for the next election. We need options that are clearly defined and rational - from both parties.
All during the current primary/general election season I've read public comments in various papers about Nevada's unemployment rate. The blame for the high rate is generally laid to President Obama, Harry Reid, Dean Heller, the House of Representatives, the Senate, the Administration, the Republican Party, the Democratic Party, or some combination of these. NO ONE has managed to answer any of my basic questions. What have these people/groups done, individually or collectively, to so punish Nevada that our unemployment rate has risen above 11%? What did Nevadans do to deserve such punishment? How have those very same actions managed to push North Dakota's rate down to 3%? Is it just possible that Nevada's unemployment rate is the result of the actions of people actually IN Nevada, rather than the result of any intentional actions by national politicians? Does the recent report that Nevada suffers from the nation's highest vacancy rate for jobs requiring SKILLED workers perhaps offer a clue????
Jobs will be created when DEMAND increases. Corporations right now are sitting on PLENTY of cash. However, there is no incentive for them to hire because demand is not sufficient. Getting money into the hands of the middle class is the key. The government can help to stimulate by funding public works infrastructure products. Those construction workers, engineers, etc., who will now be employed, will use their incomes to buy products, thereby increasing demand for products from the companies. They will, in turn need to increse production, which will require hiring more workers. By the way, this will also stimulate the housing market. Obama wanted to do this via the jobs act, which was blocked by the Republicans.
If Romney wants to re-write his op Ed piece on the auto bailout then please do so. There was no private money to be loaned to the auto industry and a government guarantee is meaningless if no one wants to lend money. I found his latest statement on the auto bailout a total re-write of what he said in 2008. You can't have a managed bankruptcy with money. Your own firm Bain Capital passed on helping GM out during the crisis.
Did Romney think money was going to magically appear? There were no lenders. Period. Even GE, which was profitable couldn't get loans. If the swing states burn Romney it will be on the back of his stance on the auto industry bailouts.
I'd rather have him say nothing than try to defend his 2008 position.
Romney has already written off 47% of Americans as 'losers'. At a fundraising event on May 12 2012 Romney showed his true colors when he said:
'There are 47 percent of the people who will vote for the president no matter what. All right, there are 47 percent who are with him, who are dependent upon government, who believe that they are victims, who believe the government has a responsibility to care for them, who believe that they are entitled to health care, to food, to housing, to you-name-it -- that that's an entitlement. And the government should give it to them. And they will vote for this president no matter what'
'My job is not to worry about those people. I'll never convince them they should take personal responsibility and care for their lives'
Unless there is growth in the casino industry that creates new jobs, then Las Vegas' employment situation will remain stagnant. Las Vegas was overbuilt to begin with and with a decreasing population, there will be very little housing and retail construction. If nobody has the extra money to come to Vegas to gamble, then growth in the casino industry looks bleak. Combine that with all the other states legalizing gambling in some form or another, Las Vegas will continue to struggle economically. Las Vegas needs new industries if it is to recover and be a place people want to live.
If BHO is in office for another four years, we won't see 10% unemployment....
I was fooled once by Obama, it won't happen again. He not only hasn't done anything in four years he has just made the economy worse...
History does show that the economy, stock market, middle class and small business do better under democrats. Democrats have a much higher historical record for job creation and for being more diverse, reflecting the true nature of our country. I have been disappointed in Obama at times he could have. Kicked a little more butt when republican house and senate were holding the process and our country hostage, which did hurt our image abroad. I am glad that the majority of the rest of the world rate Obama so much higher than Bush. Obama and Clinton were not really liberal. Both are moderates, and it is a sad state of affairs that there are so many desperately ignorant people who fall prey to red baiting and hate charged politics, paid for by corrupt corporate fascists who must take delight in seducing miscontents to vote against their own best interests. I am voting for Obama, but with a much more sober view that corporate interests have too much pull with both parties.
I do agree that Romney won't take Nevada (or even the general election). The state re-elected Harry Reid, after all and Romney has been painted as an out of touch rich boy (and perhaps rightly so).
However, I could see 6% unemployment coming to Nevada at some point in the next 4 years. You have stated that many people came to the state in search of easy jobs. Well that trend is continuing in other states. For instance, there are many construction jobs in the south and some neighboring states have relatively low unemployment. Despite its woes, California still attracts many well-paying jobs as well. I don't think there is going to be much job creation in Nevada -- especially given the current state of education in the state. However, I do see many people leaving the state in search of greener pastures, which in effect will bring down the unemployment rate.
The Whitehouse knew within 2 hours!
www.examiner.com/article/the-white-house...
Our unemployment rate will be closer to 6% with
PRESIDENT OBAMA than with greedy romney.
We Nevadans need health care and crazy romney/ryan
will kill it.
romney/ryan will take us right back to the
BUSH MESS!!!
THESE REPUBLICANS CLOWNS FOOL NO ONE WITH A
BRAIN!
Hows that vote for uncle harry and obumbler working for you now?You voted for these clowns now wallow in your mistakes!!!
Nevada's recent unemployment rate is mostly dependent upon the ability of the once-migrant construction workers to again pick up and move to where the work is. That the recession stuck so many of them here has less to do with Nevada (or Obama) (or Romney) (or any political party) than it does with circumstance.
As for "job creation in Nevada" being "tied to education," as alluded to by Eddie Gaul, where have you been the last 100 years?
Doesn't anyone pay attention to anything?
I would also like to add i lived in vegas for 17 years.I saw vegas when it was a place to raise a family and make a very good liveing.There were places were a family could go for realitivly very little money and have a good time.After the banks and coperations took over that was the down fall for vegas also the liberals getting in bed with the casinos for a cut of the profits!I was one of the smart people that saw the silver cloud fadeing from there and sold my house and got the hell out.I have since been in a state that is thriveing and has very good jobs and the houseing market is very strong.We are not nickled and dimed to eat,shop,or even go for an event at any one of the state parks that are far more pleasent to visit than anything that vegas can build.You need any kind of help and its there for just the asking.Regaurdless of race creed or color anyone you run into here is as pleasent as they can be and to be talked to with any form of respect from the younger group is shocking.So you ask where is this place?The great state of TEXAS! We are republican and damn proud of it!
I hope Romney DOES win the election. Then we'll see how all of his cheerleaders here will be eating crow when their statements full of praise prove to be a bunch of BS, that in all reality, Romney is not the second coming and not much will change. Oh, they'll be prancing around all "I told you so" at first, but give them a year or two.
An unemployment rate of 6% in Nevada. Yeah, right.
@TomD: Read the entire op-ed not just selective parts. Maybe then you'll have a better understanding of what was said.
@ Det_Munch: I hope Romney wins also. Since you haven't the slightest clue about Nevada it amazes me how you post about things you don't know about.
"An unemployment rate of 6% in Nevada. Yeah, right."
Yes, right. Here's how: Day one of the Romney presidency, he signs an Executive Order to the HEADS of ALL FEDERAL AGENCIES declaring that henceforth ALL FEDERAL GOVERNMENT CONFERENCES AND OFF-SITE MEETINGS be held, whenver possible, in Las Vegas, Nevada. That will easily get the 11.8 percent unemployment rate in Nevada to 6 percent in 4 years.
Think it can't and won't happen. Think again.
CarmineD
What the posters here fail to look at, are their locally elected representatives; like our U.S. Congress, and U.S. Senate. How many jobs bills has Obama tried to get passed to help the working class that congress has filibustered?
You all need to look away from our POTUS, and start looking at our congress; they are ALL millionaires. You think they are somehow all responsible for this mess we're in as well? I do. They all rolled over for #43 and compromised their better judgement for what HE wanted (an illegal war), but, are hell bent on setting #44 up for failure at every turn. A commander-in-chief is only as good as the congress in office.
Stop blaming Obama. Look around, watch the news and look up American political history; you will see the pattern of congressional hypocrisy over the last 100 years.
I do blame Obama for a lot of our unemployment. He never apologized for his comments about Las Vegas. This cost us millions of dollars of lost convention business and lots of lost jobs. Obama is merely a product of the Chicago political machine. Too much unemployment. No union jobs. No non union jobs. Romney will get our economy moving.
NVFisherman......
Anti-union, greedy republicans destroyed our
middle calss and sent our jobs to COMMUNIST CHINA.
And you think that these same greedy clowns will
help average Americans.
What are you smoking?
Romney's company, Bain, is STILL closing American
factories and sending jobs to COMMUNIST CHINA.
Take your blinders off.
LIVE BETTER/WORK UNION!
<<Yes, right. Here's how: Day one of the Romney presidency, he signs an Executive Order to the HEADS of ALL FEDERAL AGENCIES declaring that henceforth ALL FEDERAL GOVERNMENT CONFERENCES AND OFF-SITE MEETINGS be held, whenver possible, in Las Vegas, Nevada. That will easily get the 11.8 percent unemployment rate in Nevada to 6 percent in 4 years.
Think it can't and won't happen. Think again.>>
Carmine
Whatever you're smoking or drinking, pass it around.
"Today I am pledging to cut the deficit in half by the end of my first term in office," - Barack Obama - Feb. 23, 2009.
Watch him make this comment here: www.youtube.com/watch?v=6jJvkkNmR_8
Obama is the first President to have 4 consecutive TRILLION dollar deficits.
Where will the national debt be after another 4 years if Obama gets re-elected? Our children will be wards of the state whose sole purpose will be to pay off Obama's debt.
Eight pages of Romney's job plan: www.mittromney.com/jobsplan It's not what Obama says it is.
Bush was responsible for a loss of 800,000 jobs per month in the presidential transition period. The effects of that Bush job-loss-hangover lasted over 1 1/2 years. Obama has created since March 2010 5-million new jobs, with 2.2-million created in the last year alone. Moody predicts 12-million new jobs under Obama in the next four years.
Romney was 47th of 50 states (lowest 3) in "job creation" and his state lead the nation in adult-age worker exodus--as there were effectively no jobs being created--less than 3/8 of 1% per year for 4 years. And, that dismal performance was in GOOD times.
Romney: As governor, taxes (state and local) rose from 9.6% to 10.2%--at 3 TIMES the national average. Romney's sky high new "FEES" were taxes in disguise. Romney's 20% FUNDING CUTS to communities devastated them and they were forced to cut services and hike fees--while laying off teachers, police officers, and other municipal workers; plus forced to raise property taxes by 22%.
The LARGEST exodus of the adult-age working force from any State was during Romney's tenure as Governor--the highest net out-migration in the Nation. His low 47-of-50-states performance in "Job Creation" forced his unemployed to leave for jobs in other states. Jobs grew by only 3/8-of-1% each year for Four years.
Romney targeted job losses for teachers, police officers & other municipal workers. As Governor, his 20% funding cuts resulted in local communities laying off these city-county workers; plus resulted in a 22% increase in property taxes.
Romney on Education: During Romney's tenure as governor, Massachusetts' per capita funding for public higher education decreased from $158 to $137--as a consequence, students' mandatory fees went UP 63 percent at public colleges & universities.
Romney's Record: "Job Approval" as Governor of Massachusetts:
IN 2003: Approved: 56% Disapproved 23%.
IN 2006: Approved: 39% Disapproved 59%
Romney cut funds and devastated local communities, then added new and increased "fees" which were taxes in disguise.
Taxes + Fees during his tenure as governor rose THREE TIMES the National Average.
Bush was responsible for a loss of up to 800,000 jobs per month in the presidential transition period. The effect of that Bush job-loss-hangover lasted over a year and a half. Obama has created since March 2010 5-million new jobs, with 2.2-million created in the last year alone. Moody predicts 12-million new jobs under Obama in the next four years.
Romney was 47th of 50 states (lowest 3) in "job creation" and his state lead the nation in adult-age worker exodus--as there were effectively no jobs being created--less than 3/8 of 1% per year for 4 years. And, Romney's dismal performance was in GOOD times.
Romney has been disingenuous with Obama's job-creation record. He tries to put Bush's responsibility for a loss of up to 800,000 jobs per month during the presidential transition period on Obama--when this 2 1/2 million-job-loss-degradation was already in effect, due to Republican policies. The effect of that Bush "job-loss-hangover" lasted over a year and a half. Don't be fooled by those who try to put Bush's job-loss-hangover on Obama's ledger.
Obama has created since March 2010 5-million new jobs, with 2.2-million created in the last year alone. Moody predicts 12-million new jobs under Obama in the next four years.
Romney was 47-of-50-states in "Job Creation"--the lowest 3 states in the NATION. At the same time, The LARGEST exodus of working-age adults/workers from any state was during Romney's tenure as governor. Clearly, he was not producing the jobs--esp at a rate of less than 3/8-of-1% job growth per year for four years.
Romney is flailing to the finish. There is no way his budget math works. By adding 5 Trillion in tax cuts for the wealthy and 2 Trillion in unneeded defense spending, He is going to balance the budget?? When asked how, his campaign basically says 'just trust us' NO WAY!
I would rather have Obama than this liar any day of the week!
Btw, where are all the Ron Paul voters who don't want to spend 2 Trillion more on foreign military bases??